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Despite disappointing earnings reports released by banks, the JSE closed slightly higher on Monday, thanks to Naspers’ stellar performance because of positivity surrounding Sino/US trade talks. At the end of trade, the All Share was up 0.17%.
The technology sector started the week on a high as it rose by 1.34% on Monday. Apple alone climbed 2.30% after Bank of America Merrill Lynch changed their view of the share from neutral to buy. At 19h00, the Nasdaq traded up 1.70%.
Although the FTSE was in the red on Monday, the pound strengthened on optimism around Brexit progress ahead of the Parliamentary vote on Tuesday. European markets also started the week on a high thanks to rumours about mergers in the banking sector. The pan-European STOXX 600 index closed 0.78% up.
The Shanghai Composite index started the week strong after the People’s Bank of China’s governor, Yi Gang, pledged to provide increased support for China’s slowing economy. At 19h00, the Shanghai was 1.92% higher.
On Monday, the Nikkei broke its four-session losing streak thanks to strong performances from automakers and a softer dollar. At 19h00, the Nikkei traded 0.38% up.
The rand made up some ground against the dollar on Monday as the dollar felt pressure from the weak US nonfarm payroll data released on Friday, and as the Brexit vote once again moved into the limelight. At 19h00, a dollar cost R14.35.
Bullion prices traded lower on Monday as the equity market steadied and the US released better-than-expected retail sales data, calming fears around the US economy slowing down. At 19h00, an ounce of spot gold was trading at $1 291.97.
Oil prices started the week on a high as it was lifted on Monday by comments that OPEC could continue cutting supply until about July, and US drilling slowing down. At 19h00, a barrel of Brent crude was trading at $66.29.
Source: Reuters, Business Day, Trading Economics
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